COPPER - Daily - Technical analysis published on 06/12/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
67%
0%
33%
My opinion
Bearish under 3.8688 USD
My targets
3.6632 USD (-2.76%)
3.5615 USD (-5.46%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on COPPER. As long as you are under the resistance located at 3.8688 USD, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 3.6632 USD would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 3.5615 USD as an objective. Crossing it would then enable sellers to target 3.4162 USD. If the resistance 3.8688 USD were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
Technical indicators are opposing the general bearish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
Force
0
10
0.4
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This analysis was given by Ferret. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The COPPER price is 3.7670 USD. The price registered a decrease of -0.58% on the session with the lowest point at 3.7465 USD and the highest point at 3.7755 USD. The deviation from the price is +0.55% for the low point and -0.23% for the high point.3.7465
3.7755
3.7670
A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of COPPER indicates that the overall trend is bearish. The signals given by moving averages are 71.43% bearish. This bearish trend could slow down given the neutral signals currently being given by short-term moving averages. An assessment of moving averages reveals a bearish signal that could impact this trend:
Bearish price crossover with adaptative moving average 20
Type : Bearish
Timeframe : Daily
In fact, 12 technical indicators on 18 studied are currently positioned bullish. Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Pivot points : price is under support 1
Type : Neutral
Timeframe : Daily
RSI indicator is back under 50
Type : Bearish
Timeframe : Daily
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
No result was found by the Central Candlesticks scanner on Japanese candlesticks.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 3.4162 | 3.5615 | 3.6632 | 3.7670 | 3.7685 | 3.8688 | 3.9870 |
| Change (%) | -9.31% | -5.46% | -2.76% | - | +0.04% | +2.70% | +5.84% |
| Change | -0.3508 | -0.2055 | -0.1038 | - | +0.0015 | +0.1018 | +0.2200 |
| Level | Minor | Intermediate | Major | - | Intermediate | Intermediate | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.6972 | 3.7333 | 3.7612 | 3.7973 | 3.8252 | 3.8613 | 3.8892 |
| Camarilla | 3.7714 | 3.7773 | 3.7831 | 3.7890 | 3.7949 | 3.8007 | 3.8066 |
| Woodie | 3.6930 | 3.7313 | 3.7570 | 3.7953 | 3.8210 | 3.8593 | 3.8850 |
| Fibonacci | 3.7333 | 3.7578 | 3.7729 | 3.7973 | 3.8218 | 3.8369 | 3.8613 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.5580 | 3.6220 | 3.7055 | 3.7695 | 3.8530 | 3.9170 | 4.0005 |
| Camarilla | 3.7484 | 3.7620 | 3.7755 | 3.7890 | 3.8025 | 3.8160 | 3.8296 |
| Woodie | 3.5678 | 3.6269 | 3.7153 | 3.7744 | 3.8628 | 3.9219 | 4.0103 |
| Fibonacci | 3.6220 | 3.6784 | 3.7132 | 3.7695 | 3.8259 | 3.8607 | 3.9170 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.1030 | 3.3240 | 3.5175 | 3.7385 | 3.9320 | 4.1530 | 4.3465 |
| Camarilla | 3.5970 | 3.6350 | 3.6730 | 3.7110 | 3.7490 | 3.7870 | 3.8250 |
| Woodie | 3.0893 | 3.3171 | 3.5038 | 3.7316 | 3.9183 | 4.1461 | 4.3328 |
| Fibonacci | 3.3240 | 3.4823 | 3.5802 | 3.7385 | 3.8968 | 3.9947 | 4.1530 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 49.59 | |
| MACD (12,26,9): | -0.0172 | |
| Directional Movement: | 3.3266 | |
| AROON (14): | 85.7142 | |
| DEMA (21): | 3.7087 | |
| Parabolic SAR (0,02-0,02-0,2): | 3.6793 | |
| Elder Ray (13): | 0.0190 | |
| Super Trend (3,10): | 3.8452 | |
| Zig ZAG (10): | 3.7595 | |
| VORTEX (21): | 1.0246 | |
| Stochastique (14,3,5): | 84.30 | |
| TEMA (21): | 3.7472 | |
| Williams %R (14): | -25.48 | |
| Chande Momentum Oscillator (20): | 0.1725 | |
| Repulse (5,40,3): | 0.4808 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.1704 | |
| Courbe Coppock: | 4.40 |
| MA7: | 3.7663 | |
| MA20: | 3.7030 | |
| MA50: | 3.8540 | |
| MA100: | 3.9800 | |
| MAexp7: | 3.7576 | |
| MAexp20: | 3.7465 | |
| MAexp50: | 3.8238 | |
| MAexp100: | 3.8782 | |
| Price / MA7: | +0.02% | |
| Price / MA20: | +1.73% | |
| Price / MA50: | -2.26% | |
| Price / MA100: | -5.35% | |
| Price / MAexp7: | +0.25% | |
| Price / MAexp20: | +0.55% | |
| Price / MAexp50: | -1.49% | |
| Price / MAexp100: | -2.87% |
Quotes :
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10 min delayed data
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COMEX Futures
News
Don't forget to follow the news on COPPER. At the time of publication of this analysis, the latest news was as follows:
-
Copper tumbles to six-month lows
-
COPPER PRICE IN 2023 LOOK AT THIS | Copper Will Become The New Gold
-
How Congo aims to double copper production | FT
-
Gas, Copper and Gold: The 2023 Commodity Outlook
-
Why copper is one to watch with China economy to reopen
This member declared not having a position on this financial instrument or a related financial instrument.
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